Esprinet, a company specializing in screens and devices, reported strong financial results for the first half of 2026, exceeding expectations and lifting its outlook for the full year. Gross sales for H1 2026 exceeded 2 billion euros, marking an 80% year-over-year increase. Adjusted EBITDA for the same period was 31.9 million euros, up 27% from H1 2025, with an EBITDA margin of 1.53%, an improvement from the previous year's 1.30%. The company has raised its full-year 2026 adjusted EBITDA guidance to a range of 77 million to 82 million euros.
The company's CEO, Giovanni Testa, commented on the results, stating, "The overall picture of the first half of 2026 confirms our strategy." He also noted that gross sales grew over 80% year-on-year, exceeding EUR 2 billion in the half. The Iberian Peninsula remained a key growth driver, delivering double-digit growth in the second quarter.
Esprinet's regional performance varied significantly. Spain saw an 18% increase in Q2 and 21% in H1, while Portugal experienced a 62% growth in Q2 and 37% in H1. Morocco's sales increased by 20% year-over-year, and Italy matched the broader market growth of 4% over the half.
The company's product categories also showed diverse performance. Green tech, bolstered by the Vamat acquisition, was the fastest-growing area, up approximately 40% in both Q2 and H1. Services and solutions grew over 15% in Q2 and 13% in H1, with the new Innovexya division posting turnover growth of over 41% in Q2 and 56% in the half, and EBITDA margins above 50%. Devices grew over 8% in Q2 and 4% in H1, outperforming a down market. IT resellers saw an 8% increase in Q2 and 13% in H1, while retailers experienced a 9% decline in Q2, which the company deliberately skipped due to low margins and working capital.
Esprinet's financial health is also strong, with net financial debt of 325 million euros as of June 30, flat compared to June 2025. The company's factoring and securitization programs increased to 402 million euros, and the cash conversion cycle closed at 25 days, improved from 29 days in Q2 2025. The company's stock valuation shows a price around $7.595 to $7.585, up 1.81% to 1.95%, with a 52-week range of $4.405 to $8.06, a beta of 0.41, a P/E ratio of 9.11, and a dividend yield of 12.21%. The current ratio is 3.7.
